It certainly has been a disappointing day for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). With almost every sector in the red today, the benchmark index is lower by 0.5% to 5,683 points.
Four shares which have weighed heavily on the market today with substantial declines are as follows:
The Ardent Leisure Group (ASX: AAD) share price has plunged almost 7% to $1.52 despite there being no news out of the entertainment company. Today's decline means its shares have now lost a third of their value in 2017 alone. Although the performance of Dreamworld has impacted the company in the short term, I believe Ardent Leisure has solid long-term growth prospects in the United States that could make it a good buy and hold investment at today's price.
The Harvey Norman Holdings Limited (ASX: HVN) share price has fallen 7% to $4.80. Today's decline is likely to be attributable to a research note out of Macquarie which revealed that its analysts have slapped an underperform rating on its shares. Its analysts appear to be concerned that margins are at cyclical highs and could soon normalise.
The Resolute Mining Limited (ASX: RSG) share price has tumbled 5% to $1.53 as the sell-off of the gold miners continues. The gold miners index has now fallen almost 8% since the start of trade yesterday. Investors may believe there is a chance that rates will rise in the United States this month, putting pressure on the gold price.
The Slater & Gordon Limited (ASX: SGH) share price has plunged a massive 28.5% to 7 cents. In early trade the embattled law firm's share price had fallen to a new all-time low of 6 cents, before recovering slightly. Considering its high levels of debt and gloomy outlook, I wouldn't bet on a turnaround coming any time soon.
